November FOMC Statement: A Closer Look

On November 7, 2024, the Fed's Open Market Committee lowered the target rate for the federal funds rate by 25 bps to 4.50 to 4.75% (previously 4.75 to 5.00%). The reduction announced at the FOMC's September 17-18, 2024 meeting had been 50 bps, the first reduction in the post-pandemic era. This smaller reduction may indicate that the FOMC does not foresee a need for an extended series of reductions in the target rate. In addition, the statement now flatly provides that the FOMC "judges that the risks to achieving its employment and inflation goals are roughly in balance." The accompanying pdf is a marked version of this meeting's statement showing changes from the prior meeting's statement.

2024.11.7 Marked FOMC Statement.pdf

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